Lake Forest (IN)

Key facts from Lake Forest (IN)'s documents

Reflects the 1990 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Lake Forest

Developer / declarant

The C. P. Morgan Co., Inc.

Governing law

laws of the State of Indiana (Article XII, Section 12.6)

Assessments & dues

maximum $150 per lot through December 31, 1990 (Article VII, Section 7.3(i))

Special assessments

for capital improvements, operating deficits, etc.; requires 2/3 vote of each class (Article VII, Section 7.4)

Collections & liens

Assessment constitutes a continuing lien on the lot, prior to all other liens except taxes and first mortgage; foreclosure permitted (Article VII, Sections 7.1 and 7.7(i))

Reserves & fees

A portion of Regular Assessments may be set aside in a reserve fund for capital improvement repair and replacement (Article VII, Section 7.2)

Architectural approval

Yes, from Williamson Run Architectural Control Committee for any construction, improvement, or painting (except routine maintenance with original materials) (Article VI, Sections 6.1 and 6.2(1))

Maintenance

Owner maintains lot and structures; Association maintains Common Areas and drainage easements (excluding owner's portion of drainage easement) (Article IX, Section 9.1 and Article V, S)

Use restrictions

implied, but no explicit restriction; Declarant may maintain sales offices and models during Development Period (Article XII, Section 12.7)

Voting & meetings

Class A (non-declarant): one vote per lot owned; Class B (Declarant): three votes per lot owned until conversion to Class A (Article V, Section 5.2)

Amendments

By Association: 2/3 vote of all Owners, plus Declarant approval while Declarant owns any lot; By Declarant alone: may amend if necessary or appropriate, no materially adverse effect on Mortgagee, no substantial impairment of benefits or inc (Article XI, Sections 11.1, 11.2, 11.3)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.